Man sentenced for stealing mortgage loan money

TRENTON (AP) — The owner of a northern New Jersey real estate title who stole more than $5 million entrusted to him to pay off multiple mortgage loans is now headed to prison.

Acting state Attorney General John Hoffman says Louis Macaluso received a 10-year prison term Friday and surrendered his state insurance producer license.

The 47-year-old Westfield resident pleaded guilty last October to criminal charges in connection to stealing $5.3 million he received for 34 outstanding mortgage loans on properties in New Jersey, Pennsylvania, Maryland and Ohio.

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Prosecutors say Macaluso got the funds as a settlement agent through his company, Affinity Title Agency. He admitted stealing the money between July 2010 and September 2012, and using the funds for personal use or for his company.